Thought I'd better take a break from sexual misconduct -- at least for a few days...
Today's commentary pertains to the Senate tax bill. The full Senate has begun debating the landmark legislation, and may vote as soon as tonight.
I have not had the self-discipline or inclination to take a (CLICHE ALERT!) "deep dive" into the specifics and tweaks of the tax legislation. But it seems to me that a few key sticking points are repeal of the Obamacare mandate, the size of the corporate tax reduction, the need for more tax relief for small businesses, and the size of the child tax credit.
Today's Wall Street Journal editorialized that Republicans should stand strong against a move by Senators Marco Rubio and Mike Lee to change the child tax credit from $2,000 to an amount up to a person's payroll tax liability. To compensate for the lost revenue, they propose reducing the corporate rate from 35 to 22 percent, not 20 percent, as the legislation proposes and President Trump supports.
Maine Sen. Susan Collins and a few others have expressed concerns that revoking the Obamacare mandate will lead to rate increases. (Like rate increases would not happen otherwise? What a joke.) I do agree that sole proprietorships and other small businesses should get a bigger tax break. Having done freelance and contract work myself in the past, I'm here to tell you that the social security tax bite alone is painful. An employer pays half of the 12.4 percent rate, but those who are self-employed pay the entire 12.4 percent, plus federal and state taxes. But I don't think this issue should gum up the works.
I have no idea what's going on behind closed doors as Senate leaders and President Trump attempt to A) strong-arm; or B) sweet-talk the stubborn GOP holdouts who have expressed reservations about the tax bill in its present form. They are mainly Rubio, Collins, Rand Paul, Jeff Flake, Bob Corker, Lisa Murkowski and John McCain, who may well be a lost cause. (Wouldn't it be delicious if the bill passed, 51-49, with McCain being the GOP's only "no" vote? It would underscore his petulant, bitter uselessness. Helluva legacy to leave behind, John!)
The Journal editorial chastised Rubio and Lee for being "antithetical to conservative principles." It will be a crying shame if purists torpedo this bill, because this may well be our last chance for major tax cuts and the beginning of reform. I say this because the Republican Party is clearly moving left, albeit at a much slower rate than the Democrats.
The relentless dumbing down of our citizens through social media, the leftist indoctrination at universities and in K-12 schools, and continued demographic changes will make rational tax reform difficult, if not impossible to achieve in the not-too-distant future.
I am keeping my fingers crossed, but most likely will be sound asleep when the final vote is cast. Think of Roger Daltrey in "Who Are You" croaking, "God, there's GOT to be another way!"
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